The following checklist provides insurance agents/brokers, employers and benefits professionals a checklist of key upcoming dates and deadlines related to health benefits. This reminder list does not constitute all of the deadlines applicable to employers and some deadlines may be different based on variations in plan year or plan design.
| Description |
Date |
Summary Annual Report Deadline. For group health plans that are required to file a Form 5500, they must distribute a Summary Annual Report no later than nine months after the end of the plan year, unless an exception applies. |
September 30, 2007
(for calendar-year plan years) |
Massachusetts §125 Plan Filing Deadline. All applicable employers must file their Cafeteria Plan documents with the Massachusetts Connector by this date, which was postponed from July 1, 2007. |
October 1, 2007 |
Medicare Part D Retiree Drug Subsidy Application. Employers seeking the 28 percent RDS for a plan year starting on January 1, 2007, must apply for it no later than 90 days before the start of the plan year. |
October 1, 2007
(for calendar-year plan years) |
Medicare Part D Notice of Creditable Coverage. All employers who sponsor a group health plan with prescription drug coverage must send a Notice of Creditable Coverage or Non-Creditable Coverage to all of its Medicare Part D eligible participants.
The 2008 Medicare Part D Standard Coverage parameters are:
| Item |
2007 |
2008 |
| Initial deductible |
$265 |
$275 |
| Initial coverage limit (75%-25% cost share) |
$2,400 |
$2,510 |
| Out-of-pocket threshold |
$3,850 |
$4,050 |
| Total OOP threshold |
$5,451.25 |
$5,726.25 |
| Catastrophic coverage copayments |
|
|
| Generic |
$2.15 |
$2.25 |
| Brand Name |
$5.35 |
$5.60 |
|
November 14, 2007 |
Medicare Part D Annual Enrollment Period Begins. Those enrolled in a Medicare Part D plan may change their enrollment, and others may enroll for the first time. Period ends on December 31. |
November 15, 2007 |
Grace Period Amendment Deadline. If an employer wants to implement a grace period of up to 2½ months for its Health Flexible Spending Arrangement (FSA) or Dependent Care FSA, it must do so before the end of its current plan year. |
December 31, 2007 (for calendar-year plan years) |